Financial Depressive Disorder

Welcome to the Ndlalane Health and we are excited to bring to you our September edition of our newsletter! During this vibrant hot season, it’s important to remember that health goes beyond just physical ailments. True wellness encompasses various dimensions, including emotional well-being, financial health, and the quality of our relationships. Each aspect plays a vital role in shaping our overall quality of life.

Hydration is especially crucial during this time—not just for our bodies, but also for our minds. Water helps maintain balance and clarity amidst the heat.

As always, I’m your host, DocSakhi, and I’ll be guiding you through today’s short read. Our focus will be on an important topic often overlooked: Financial depression. This severe anxiety caused by financial stress can significantly impact our mental and emotional well-being. Join us as we explore this issue, uncover its roots, and discover effective strategies to navigate these turbulent waters.

So, what is financial depression?

This is a state of emotional distress that arises from overwhelming financial problems and concerns. It is characterised by feelings of hopelessness, anxiety, and despair related to one’s financial situation. Unlike general financial stress, financial depression can lead to significant mental health issues, including depression and anxiety disorders.

Financial depression is a significant issue that can affect one’s mental and physical well-being. Understanding its causes, recognizing the symptoms, and seeking proper management strategies are crucial steps in overcoming financial distress.

We are in sluggish economic growth following the “great lockdown” which conjures up visions of a cascading fallout.

Like millions of others, you might find yourself on the sudden verge of a “lay-off” or a “pay cut” while working from home. Unlike other situations, the income level turmoil may be unpredictable and can be a devastating blow for many. This has the potential to result in a “psychosocial syndrome” i.e. financial-anxiety, a “money anxiety disorder” which cultivates a feeling of stress, worry and concern about your finances, wherein individuals have an uneasy and unhealthy anxiety about engaging with and effectively administering their finances.

Financial anxiety is a monetary monster that haunts many by stoking worry. It can be highly debilitating and can cause significant distress. For instance –, any of us might be waking up in the middle of the night, and while we try to get back to sleep, your mind wanders off to blurry thoughts about having no funds to thrive and before we know it, we are in a full-blown 5 am panic attack.

What begins as a passing thought to pay the bills, can suddenly leave you horrifically anxious and worried about how you would pay those bills if you lost your job, how to climb out of debt, or how to make your budget stretch for the month. If this is regular, it can negatively affect mental and physical health and career.

Financial anxiety is common; it’s not insurmountable – and recognizing what triggers your anxiety can help you cope with it. It shares many criteria of a generalised anxiety disorder, like;

• excessive worry, irritability and difficulty concentrating.

• Feeling heavily depressed or anxious about finances.

• An obsession with being frugal.

• Discomfort with accumulating wealth

• Physical body reactions like – Intense sweating, headaches, shoulder aches or cold palms.

• Inability to change financial behaviour, loss of control in one’s thoughts and feelings or loss of hope and disconnectedness.

• Insomnia or oversleeping.

• Loss of appetite or binge eating

If the question, “How to accumulate money” leaves you in a cold sweat there may be a deeper reason behind the stress. However, the good news is that you can put your negative thoughts in full control by taking a step back from your worst fears and making sure you control your cash – and not the other way around.

The causes of financial depression are multifaceted. Key factors include:

1. Economic Factors: Recessions, job loss, and rising costs of living can exacerbate financial worries.

2. Personal Circumstances: Unexpected expenses, such as medical bills or divorce, can create financial strain.

3. Societal Pressures: Social comparisons and societal expectations about wealth can increase feelings of inadequacy.

4. Mental Health History: Individuals with a history of anxiety or depression may be more susceptible to financial depression.

    

Several risk factors can increase the likelihood of developing financial depression:

1.  Unemployment or Underemployment: Job loss or insufficient income can lead to financial instability.

2. Debt: High levels of debt, particularly from credit cards or student loans, can create significant stress.

3. Lack of Financial Literacy: Individuals who lack knowledge about personal finance may struggle more with financial issues.

4. Chronic Illness: Health problems can lead to unexpected expenses and job loss, compounding financial stress.

5. Social Isolation: A lack of support systems can worsen feelings of hopelessness and anxiety.

Financial depression can affect anyone, however, certain groups of people are more vulnerable: these are the;

• Low-Income Individuals: Those living paycheck to paycheck often face heightened financial stress.

• Young Adults: Recent graduates may struggle with student debt and entry-level job instability.

• Single Parents: Juggling parenting and financial responsibilities can be particularly challenging.

• Older Adults: Retirees on fixed incomes may experience anxiety about outliving their savings.

Signs and Symptoms

Recognizing the signs of financial depression is crucial for early intervention. Common symptoms include:

• Persistent Worry: Constantly thinking about finances can lead to anxiety and restlessness.

• Sleep Disturbances: Difficulty sleeping due to financial concerns.

• Changes in Appetite: Either loss of appetite or overeating as a coping mechanism.

• Decreased Motivation: Lack of interest in daily activities or responsibilities.

• Social Withdrawal: Avoiding social interactions due to embarrassment or stress.

• Physical Symptoms: Headaches, fatigue, or gastrointestinal issues linked to stress.

Managing financial depression involves a combination of practical financial strategies and mental health support:

• Financial Counseling: Seeking help from a financial advisor can provide clarity and actionable steps to improve one’s financial situation.

• Budgeting: Creating a realistic budget can help individuals gain control over their finances and reduce anxiety.

• Support Groups: Joining groups focused on financial issues can provide community support and shared experiences.

• Therapy: Cognitive-behavioral therapy (CBT) can help address negative thought patterns related to finances.

• Stress-Relief Techniques: Practices such as mindfulness, meditation, or physical activity can help manage stress.

• Education: Improving financial literacy through workshops or online courses can empower individuals to make informed decisions.

If you have a sudden physical reaction like cold or sweaty palms or, a racing heartbeat due to unpleasant emotions while talking about money, acknowledge it at once. Start paying attention to your negative emotions and how your body is reacting while discussing money. How does your mind react when you make any transaction or check your account balance? Try being aware of what kind of emotions and patterns are situated inside your body and mind for example- “sweating heavily due to intense fear”. Consider the conversation that is triggering these negative feelings. Is it how you communicate with yourself while conceptualising finance? How do you communicate with your partner? Or, are you feeling guilty or ashamed of being underpaid or pay cut?

A proper body and mental health check, and evaluating behaviour teaches us to work with our emotions instead of getting overwhelmed by them, and how to deal with these unwanted feelings is necessary. Clarity of what’s going on so that we’re not so consumed is essential.

The second thing we can consider as part of management is, called, “Positive thinking”. This helps with stress management. An individual must embark upon focusing on the good aspects of the finances instead of undergoing negative feelings. Positive thinking doesn’t mean that you keep your mind in the sand and ignore life’s less pleasant situations. Positive thinking just means that you approach unpleasantness more positively and productively. You think the best is going to happen, not the worst. Positive thinking won’t magically pay your bills or stretch your budget, but it can help capture the essence of stillness and calm over your fears. It will help you recognise and appreciate your financial strengths, which could lead to solutions to some of your problems.

The third technique is called,” Square breathing” or “Box Breathing” to ease stress & anxiousness. Deep breathing multiple times a day always helps to centre oneself, when one has financial ups and downs. Square breathing also helps to relieve stress. It is a type of breathwork that can shift your energy, connect you more deeply with your body, calm your nervous system, and decrease stress in your body. It can also heighten performance and concentration while also being a powerful stress reliever. 

This is how you do it.  Don’t say I never taught you anything 😊

Step 1: Slowly exhale through your mouth while being seated upright, getting all the oxygen out of your lungs.

Step 2: Inhale slowly and deeply through your nose to the count of four.

Step 4: Exhale for the same slow count of four, expelling the air from your lungs.

Step 5: Hold your breath for another slow count of four.

Repeat steps 2 to 5 for 5 times to start with.

The fourth aspect of management I wish to touch on has a lot to do with shaping our mindset and aligning our energies.  So we should consciously reframe the limiting belief systems. Money is a form of energy and our idea about money usually comes from our subconscious mind and consciousness of scarcity. Deep down, we might have belief systems about money that are in most probability rooted in our childhood. We might have seen how money was treated by our primary caregivers when we were small.

Even if one loses a job, he/she can handle the situation differently depending upon the belief system about money. If that person has been carrying limiting beliefs about money, then financial anxiety is suspected to hit him harder. One can take the help of a professional therapist or counsellor to reframe the subconscious mind, and hence the belief system. There are many ways to do that – meditation, affirmations, mirror work, hypnosis and many more.

 Use “your motivational symbol of Abundance” This can be anything that motivates you to be better, your kids or family, your mother, your partner, or even yourself etc to invite abundance energies into your life. Lots of people use the Zibu symbol to release or remove unwanted negative energy from their mind, body and environment. The Zibu symbol for money is a green jade coin that is said to attract wealth, cash flow, and good luck. Zibu symbols are ancient symbols that are believed to have angelic origins and are used to convey messages of love and support and to channel healing energy. Each symbol has a specific meaning and intent, such as prosperity, strength, love, or peace.

You can either air-draw the symbols on your body, room, books, or desk or you can also draw the symbols on a piece of paper with a pen and stick them on the wall or book or your work stuff. You can draw the symbols on your body with a pen as well.

Go and research about this, I do not wish to dig into your spiritual beliefs too much.

Let’s continue, while we are on the quest to shift our mindset, we should learn to banish the financial guilt & shame. The feeling of guilt and shame or embarrassment over your mounting pile of debt or loss of job, pay cut or money mismanagement can lead to an aura of shame, whether it’s a lack of money, incorrect budgeting or simply being ignorant about proper budgeting practice. “Practice empathy”, to forgive yourself and let go of the feelings of guilt and shame. It is mandatory to develop the tendency to empathize with yourself to nurture your inner child and make yourself productive during such looming situations. This will ultimately serve to erase any negative feelings inside of you.

Visualise – “I am a money magnet” Work on your fears related to money. Write them down in detail. Then meditate upon those fears and visualise them melting away. Visualise yourself surrounded by money and abundance and be happy in that state for some time. Repeat to yourself multiple times every day – “I am a money magnet”.

Lastly, practice the Japanese technique called Arigato – which essentially tells you to thank the money whenever it is going from you to someone or coming to you from someone. Gratitude is one of the highest energies one can have around.

If we address both financial and emotional aspects, we can work toward a healthier, more stable future. Unfortunately, there are no specific medications that a person can take for financial depression, however, we can manage the symptoms by treating the manifesting signs which often involves treating underlying mental health issues such as anxiety or depression. For example.

1. Antidepressants: Medications like SSRIs (selective serotonin reuptake inhibitors) can help alleviate symptoms of depression.

2. Anti-Anxiety Medications: Benzodiazepines or other anti-anxiety medications may be prescribed for short-term relief of severe anxiety disorders

But just like I mentioned earlier, the best approach to treating financial depression is:

Therapy: Cognitive-behavioral therapy (CBT) can be highly effective in addressing the thought patterns associated with financial stress.

Lifestyle Changes: Alongside any medication, adopting stress-reduction techniques, exercise, and a healthy diet can support mental well-being.

In closing, I will leave you with some powerful and impactful quotes related to our topic and associated with financial depression. Financial depression is not a new phenomenon, and a lot of people lost their lives due to lack of awareness. We are lucky that we learn about these things and are afforded the opportunity to make the necessary changes to preserve our sanity.

1. "Money can't buy happiness, (it can get you a temporary close imitation), but it can make you miserable." – Sakhile Ndlalane

2. "It's not about how much money you make, but how much you keep and how hard it works for you." – Robert Kiyosaki

3. "The lack of money is the root of all evil." – Mark Twain

4. "Financial stress is a form of emotional stress that can lead to serious mental health issues." – Anonymous

5. "When you’re in debt, the world feels heavy. But when you’re financially free, the world feels light." – Anonymous

6. "Worrying about money is a thief of happiness." – Anonymous

7. "Financial worries are often a reflection of deeper emotional issues." – Anonymous

8. "The greatest wealth is to live content with little." – Plato

9. "Your financial situation is not your worth." – Anonymous

10. "In times of financial crisis, we often discover our true values." –  Sakhile Ndlalane

These quotes highlight the emotional and psychological aspects of financial struggles while encouraging a broader perspective on wealth and well-being. That is all for today.

See you on the next one. Cheers bye for now. ✌🏽